The cost of living crisis has caused a lot of stress for many people across the country. The situation seems to be changing daily, and the constant uncertainty can have a negative impact on your health and wellbeing.
Our latest guide explores the ways in which you can look after your wellbeing during the cost of living crisis. The guide aims to offer help and advice on how to navigate through this challenging time without letting your wellbeing suffer.
Key takeaways from our financial wellbeing guide
Money and wellbeing are closely linked
People’s mental health and wellbeing are greatly shaped by the social, economic and physical environments in which they live. The state of the economy can have a big impact on your wellbeing, and the cost of living crisis has already caused more than half of the UK population to report that they’ve seen their health deteriorate.
When wellbeing isn’t treated as a priority, it can worsen your financial situation. Poor mental health can affect your ability to control your income and outgoings, which can contribute to more financial struggles.
The guide also contains a list of resources for those who feel they need further help with their mental health. If you need urgent support, there are crisis services available.
Work on your own money mindset
Unfortunately we have no control over what’s happening in the economy which contributes to our anxiety around finances. Instead of dwelling on the things you can’t change, focus on what you can control such as your mindset to money.
This will, of course, be different for everybody. Our guide will help you better understand your current money mindset and the steps you can take to change your perception and create more healthy money habits.
Educate yourself but don’t over consume
While keeping up to date with the latest news can be helpful, it can also be overwhelming and a constant reminder of financial stress. You need to find the right balance between knowing the circumstances but not overwhelming yourself.
With the ever-changing state of the economy, nobody knows what the long-term outcome will be. The possibility of a recession might make you feel anxious, but remember that no one can predict the future, and no matter how much information you consume it won’t change the outcome. While it can be easy to feel you need to be glued to the news, it’s better to focus your energy on the here and now.
There are resources available to help you
It’s easy to get overwhelmed by the circumstances and feel like there’s no hope, but there are resources available for people who are struggling financially. We cover these on page 21 of our guide, with a list of resources to help with money advice and mental health, as well as a list of government resources that provide information on the schemes available to help.
If you're in a position where the money you earn can't cover the cost of your outgoings, you can find further information on where to go for help from Citizens Advice.
Download our free guide
For more help and advice on looking after your wellbeing in the cost of living crisis you can read our free guide. Here we go into more detail about the above points and provide you with practical advice for looking after your wellbeing.
Looking after your wellbeing during the cost of living crisis.